Dhaka stocks dipped on Sunday, ending two-day gains, with lower participation by the investors, some of whom went for profit taking share sales.
The key index of Dhaka Stock Exchange, DSEX edged down by 0.16 per cent, or 10.66 points, to close at 6,296.20 points on Sunday after gaining 33 points in the previous two sessions.
The market opened with positive momentum that did not sustain for long and ultimately ended up in the negative zone as investors went on profit taking from their investments.
They said that most of the scrips gained in the recent bullish market that instigated investors to cash profit.
Moreover, some of investors preferred wait and see policy since the year closing approaching that resulted in slowness of the trading.
As a result, turnover of the bourse, an important indicator of the market participation, hit one month low as it declined further to Tk 573.76 crore from Tk 620.07 crore in the previous session while it was Tk 538 crore on November 5.
The slump in share prices of banks drag down the market on the day with a loss by 0.92 per cent after the sector rebounded by 1.42 per cent in the previous session.
Out of 30 traded bank scrips, 19 declined, six advanced and five remained unchanged.
Pubali Bank, Investment Corporation of Bangladesh and Square Pharmaceuticals were the worst loser that contributed in sending the market to the negative trajectory.
On the flip side, share prices of other large capitalized sectors saw a marginal gain on the day while telecommunication, energy, cement and non-bank financial institutions gained the most that could not help the market ending in positive.
Besides, a section of investors turned their focus on the large capitalised scrips after their shares faced continuous profit booking sell offs. Therefore, investors moved towards those renowned scrips with an expectation of better gains before year closure.
Therefore, surge in share prices of Grameenphone, Lafarge Surma and Renata saved the market from further fall.
Of the 328 companies and mutual funds traded, 152 declined, 131 advanced and 45 remained unchanged.
‘The capital bourse of the country settled in red zone as participation from the investors slipped significantly,’ said EBL Securities in its daily market commentary.
The market opened higher, but failed to sustain the momentum as the investors opted for booking gains, it said.
DS30, the blue-chip index of the DSE, increased 0.16 per cent, or 3.83 points, to finish at 2,273.97 points.
Shariah index, DSES, added 0.09 per cent, or 1.26 points, to close at 1,382.77 points.
BD Thai led the turnover chart on the day with its shares worth Tk 30.62 crore changing hands.
BRAC Bank, Shahjalal Islami Bank, LankaBangla Finance, AB Bank, Grameenphone, CMC Kamal, United Power Generation Company, Fu-Wang Food and National Tubes were the other turnover leaders.
Eastern Cables increased the most with a 7.51 per cent rise in its share prices, while Central Pharmaceutucals was the worst sufferer on the day, shedding 11.15 per cent.
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